Chief Economic Advisor Arvind Subramanian has warned the Narendra Modi government against chasing black money. According to Subramanian, it sends out wrong perception about India.
The Chief Economic Advisor said it was more important to understand why black money gets created and address those issues first.
He also said that one of the problems in addressing the issue of black money is the perception of the tax system as being somewhat arbitrary and this perception could play into the government's chase after black money.
This comes just days after Union Finance Minister Arun Jaitley announced that the government would soon come out with the compliance window under the black money law for persons having illegal money stashed abroad to pay tax and penalty and come clean.
"The law has been passed... I go back and we are going to announce the compliance period," Jaitley said during an event organised by Columbia Business School.
The Minister also rejected the contention that the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides amnesty or immunity to persons holding undisclosed income overseas.
(With PTI Inputs)
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